LENZ Therapeutics (NASDAQ:LENZ) Trading Down 6.1% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) dropped 6.1% during mid-day trading on Monday . The company traded as low as $24.27 and last traded at $23.91. Approximately 99,249 shares traded hands during trading, a decline of 39% from the average daily volume of 161,642 shares. The stock had previously closed at $25.45.

Wall Street Analysts Forecast Growth

Separately, TD Cowen started coverage on shares of LENZ Therapeutics in a research report on Tuesday. They set a “buy” rating and a $60.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $39.50.

LENZ Therapeutics Trading Up 3.4 %

The company’s fifty day moving average is $24.10 and its two-hundred day moving average is $27.03.

Institutional Investors Weigh In On LENZ Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in LENZ Therapeutics during the 4th quarter worth $29,000. KLP Kapitalforvaltning AS purchased a new stake in LENZ Therapeutics during the 4th quarter worth $46,000. Tower Research Capital LLC TRC increased its stake in LENZ Therapeutics by 162.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company’s stock worth $54,000 after buying an additional 1,151 shares during the period. Virtus ETF Advisers LLC purchased a new stake in LENZ Therapeutics during the 4th quarter worth $67,000. Finally, SG Americas Securities LLC increased its stake in LENZ Therapeutics by 20.7% during the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock worth $158,000 after buying an additional 935 shares during the period. Hedge funds and other institutional investors own 54.32% of the company’s stock.

LENZ Therapeutics Company Profile

LENZ Therapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing therapies to improve vision in the United States. Its product candidates include LNZ100 and LNZ101 which are in Phase III clinical trials for the treatment of presbyopia. The company is headquartered in Del Mar, California.